PRODUCT: Group disability
COMPANY: Aflac Group, underwritten by Continental American Insurance Company
BEST RATING: A+ (Superior)
AVAILABILITY: Coverage is available for Aflac-appointed brokers.
FOCUS: Today’s challenging employee benefits environment sees more and more companies embracing a “put it all on the table” philosophy when it comes to benefits, says Stephanie Shields, vice president of Premier Broker and Product Solutions at Aflac.
The result is higher demand for flexible product designs that also “recognize the importance of supporting plan customization,” Shields says.
Even though group disability has been available for many years, “overall penetration rates leave significant room for opportunity,” Shields points out—especially in the middle market.
“We’ve found that there are a surprising number of clients who have never offered short- or long-term disability options,” Shields explains. “These newly expanded group disability product offerings are highly customizable, allowing insureds to create or match any existing plan to meet their needs.”
Aflac’s latest expansion of its group disability product continues the company’s ongoing strategy of offering relevant products by partnering with a turnkey reinsurer for support and expertise in underwriting and administration.
Although Aflac has traditionally written a significant volume of voluntary worksite short-term disability, “our entry into the true group ancillary markets is much more recent,” Shields says. “The new lines complement our existing offerings, as they serve different broker and employer segments.”
Aflac’s short- and long-term disability products offer “precisely what the market is accustomed to in many ways—most of this market is takeover business, and our contracts are filed with the most recent provisions and flexibility in order to match most in-force plans,” Shields says.
What makes Aflac unique, Shields believes, is the company’s ability to add value to the voluntary side of the equation—“something that has been very difficult for traditional group carriers to crack,” she points out. “We are particularly focused on creating value by finding links between our disability products and our existing voluntary lines.”
With these new offerings, “clients can have more peace of mind knowing our service doesn’t stop with the claim,” Shields adds. “Aflac supports employees at every level of recovery to help them get back to work.”
COVERAGE DETAILS: Shields calls Aflac’s plan designs and provisions “comprehensive,” noting that contracts are “highly flexible” and available as either fully insured plans or Administrative Services Only.
Standard short-term plan provisions include full maternity and recurrent disability, as well as optional provisions such as a survivor benefit, child/family member care benefit, pre-existing conditions limited benefit, vocational rehabilitation benefit and more.
Standard long-term plan provisions include a waiver of premium, full maternity, accumulation of the elimination period, continuity of coverage and six-month recurrent disability. Additional optional provisions include an education expense benefit, child/family member care benefit, supplemental disability, advanced survivor benefit, extended earnings protection and more.
MINIMUM PREMIUM: N/A.
TARGET: Any employer group over 100 lives that is looking for group short- and long-term disability insurance.
COVERAGE AVAILABILITY: All U.S. states except California, Connecticut, Delaware, Florida, Montana, New York, North Dakota, South Dakota and Wyoming.
CONTACT: Aflac Group Sales; 1932 Wynnton Road, Columbus, GA 31999; 877-772-3522.
Jacquelyn Connelly is IA senior editor.
